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Cai International, Inc. (CAI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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CAI Quarterly Reports

Cai International, Inc.

CIK: 1388430 Ticker: CAI
Exhibit 99.1

CAI International, Inc. Reports Results for the First Quarter of 2020

SAN FRANCISCO--(BUSINESS WIRE)--May 5, 2020--CAI International, Inc. (“CAI” or “the Company”) (NYSE: CAI), one of the world’s leading transportation finance and logistics companies, today reported results for the first quarter of 2020.

Summary

  • Container lease revenue for the first quarter of 2020 was $69.1 million, compared to $73.5 million in the fourth quarter of 2019.
  • Logistics revenue for the first quarter of 2020 was $30.1 million, compared to $29.9 million in the fourth quarter of 2019.
  • Rail lease revenue for the first quarter of 2020 was $5.8 million, compared to $5.9 million in the fourth quarter of 2019.
  • Average utilization for CAI’s owned container fleet during the first quarter of 2020 was 98.4% compared to 98.5% for the fourth quarter of 2019.
  • During the first quarter of 2020, CAI incurred a $19.2 million pre-tax impairment charge against the carrying value of its railcar fleet. In April 2020, the Company sold approximately $10 million of railcars at a gain of $0.3 million that will be reported in the second quarter.
  • Net loss attributable to CAI common stockholders for the first quarter of 2020 was $3.5 million, or $0.20 per fully diluted share.
  • Adjusted net income1 attributable to CAI common stockholders for the first quarter of 2020 was $12.0 million, or $0.67 per fully diluted share.
  • The book value per outstanding CAI common share was $33.49 as of March 31, 2020.
  • In April 2020, the Company refinanced $113 million of asset-backed notes which provided additional liquidity of approximately $40 million.
  • The Company has approximately $155 million of liquidity in the form of available cash on hand and ability to draw on its credit facilities without additional collateral being provided.
  • As previously announced on December 16, 2019, CAI has been working with Centerview Partners as its strategic financial advisor to explore and evaluate strategic alternatives for CAI to maximize stockholder value. That review is ongoing. There can be no assurance that a transaction or other action will result, or if a transaction is undertaken, its terms or timing.

Additional information on CAI's results, as well as comments on market trends, is available in a presentation posted today on the "Investors" section of CAI's website, www.capps.com.

Victor Garcia, President and Chief Executive Officer of CAI, commented, “The first quarter began strongly with an expectation of continued economic growth and trade in 2020. However, the outlook changed in March with the outbreak of COVID-19 around the globe and the ensuing global containment efforts. Faced with this new reality, our primary focus has been to ensure the safety of our employees. We quickly transitioned our global workforce to working remotely and they responded to this new challenge without any disruption in our business operations.


The following information was filed by Cai International, Inc. (CAI) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Cai International, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Cai International, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Commitments And Contingencies
Commitments And Contingencies (Details)
Consolidation Of Variable Interest Entities
Consolidation Of Variable Interest Entities (Details)
Debt
Debt (Narrative) (Details)
Debt (Schedule Of Debt) (Details)
Debt (Tables)
Description Of Business And Significant Accounting Policies
Description Of Business And Significant Accounting Policies (Details)
Description Of Business And Significant Accounting Policies (Policy)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Reconciliation Of Basic And Diluted Net Income Per Share) (Details)
Earnings Per Share (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Income Taxes
Income Taxes (Details)
Intangible Assets
Intangible Assets (Narrative) (Details)
Intangible Assets (Schedule Of Estimated Future Amortization Expenses) (Details)
Intangible Assets (Tables)
Leases
Leases (Components Of Lease Revenue) (Details)
Leases (Components Of Net Investment In Direct Finance Leases) (Details)
Leases (Contractual Maturities Of Gross Finance Lease Receivables) (Details)
Leases (Finance Lease Receivables By Risk Categories) (Details)
Leases (Summary Of Components Of Financing Receivable) (Details)
Leases (Tables)
Related Parties Transactions
Related Parties Transactions (Details)
Rental Equipment
Rental Equipment (Narrative) (Details)
Rental Equipment (Schedule Of Rental Equipment) (Details)
Rental Equipment (Tables)
Segment And Geographic Information
Segment And Geographic Information (Schedule Of Geographic Allocation Of Revenue) (Details)
Segment And Geographic Information (Schedule Of Segment Information) (Details)
Segment And Geographic Information (Summary Of Total Assets For Segments) (Details)
Segment And Geographic Information (Tables)
Stock-Based Compensation Plan
Stock-Based Compensation Plan (Narrative) (Details)
Stock-Based Compensation Plan (Summary Of Restricted Stock And Performance Stock Activity) (Details)
Stock-Based Compensation Plan (Summary Of Stock Option Activities) (Details)
Stock-Based Compensation Plan (Tables)
Stockholders??? Equity
Stockholders??? Equity (Details)

Material Contracts, Statements, Certifications & more

Cai International, Inc. provided additional information to their SEC Filing as exhibits

Ticker: CAI
CIK: 1388430
Form Type: 10-Q Quarterly Report
Accession Number: 0001388430-20-000007
Submitted to the SEC: Tue May 05 2020 4:10:41 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Equipment Rental And Leasing

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